(1) In this section -
"new holding", in relation to any original shares, means the shares in and debentures of the company which as a result of the reorganisation or reduction of capital represent the original shares (including such, if any, of the original shares as remain);
"original shares" means shares held before and concerned in the reorganisation or reduction of capital;
references to a reorganisation of a company's share capital include -
(a) any case where persons are, whether for payment or not, allotted shares in or debentures of the company in respect of and in proportion to (or as nearly as may be in proportion to) their holdings of shares in the company or of any class of shares in the company, and
(b) any case where there is more than one class of shares and the rights attached to shares of any class are altered;
references to a reduction of share capital do not include the paying off of redeemable share capital and, where shares in a company are redeemable by the compan
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